Legal & General Group Plc Makes New $18.50 Million Investment in Qorvo, Inc. $QRVO

Legal & General Group Plc bought a new position in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 198,395 shares of the semiconductor company’s stock, valued at approximately $18,504,000.

A number of other large investors have also recently modified their holdings of QRVO. BlackRock Inc. bought a new position in Qorvo in the second quarter worth about $942,610,000. State Street Corp boosted its position in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after acquiring an additional 175,031 shares in the last quarter. FIL Ltd grew its holdings in shares of Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after acquiring an additional 421,224 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Qorvo by 16.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock worth $168,842,000 after acquiring an additional 311,645 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Qorvo by 801.4% in the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock worth $136,795,000 after acquiring an additional 1,571,303 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. UBS Group increased their price objective on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price objective on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 target price on shares of Qorvo in a research report on Wednesday, May 6th. Finally, Citigroup decreased their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $94.00.

Qorvo Stock Performance

NASDAQ QRVO opened at $94.73 on Monday. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average price is $91.92 and its 200-day moving average price is $88.98. The stock has a market cap of $8.36 billion, a P/E ratio of 21.98 and a beta of 1.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.Qorvo’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. This trade represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Philip Chesley sold 5,487 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the transaction, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. This trade represents a 11.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,910,666 shares of company stock valued at $193,319,935. Insiders own 0.49% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.